Archer Aviation Inc. (NYSE:ACHR) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its stake in Archer Aviation Inc. (NYSE:ACHR) by 11.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,508 shares of the company’s stock after selling 2,492 shares during the period. PNC Financial Services Group Inc.’s holdings in Archer Aviation were worth $120,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ACHR. Harvest Investment Services LLC boosted its stake in Archer Aviation by 69.9% in the fourth quarter. Harvest Investment Services LLC now owns 125,955 shares of the company’s stock valued at $773,000 after acquiring an additional 51,820 shares in the last quarter. StoneX Group Inc. purchased a new position in Archer Aviation during the 4th quarter worth approximately $70,000. Olympiad Research LP increased its position in Archer Aviation by 245.8% during the fourth quarter. Olympiad Research LP now owns 129,345 shares of the company’s stock worth $794,000 after buying an additional 91,943 shares during the period. Oxford Asset Management LLP purchased a new stake in Archer Aviation in the fourth quarter valued at approximately $88,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $411,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday. Barclays dropped their price target on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research report on Friday, May 17th. JPMorgan Chase & Co. decreased their price objective on Archer Aviation from $7.00 to $5.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Finally, Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Tuesday, May 21st. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $8.10.

Archer Aviation Trading Up 13.2 %

Shares of ACHR stock opened at $4.21 on Friday. The business’s fifty day moving average price is $3.56 and its 200 day moving average price is $4.49. The firm has a market capitalization of $1.36 billion, a PE ratio of -2.58 and a beta of 2.35. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.01 and a quick ratio of 6.01. Archer Aviation Inc. has a 1-year low of $3.00 and a 1-year high of $7.49.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). During the same period last year, the business earned ($0.46) EPS. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Archer Aviation Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.